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The Globe and Mail

Goldcorp revenue surges on strong gold price

Goldcorp's Penasquito mine in Mexico.

Goldcorp handout

Goldcorp Inc. said Wednesday it earned $336-million (U.S.) in its latest quarter as its revenue surged nearly 50 per cent on the back of a soaring gold price .

The Vancouver-based gold miner said the earnings amounted to 41 cents per diluted share for the quarter ended Sept. 30, compared with a profit of $721-million, or 87 cents per share, a year ago, when the company earned $416-million in discontinued operations.

Revenue increased to $1.31-billion, up from $885-million.

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Excluding one-time items, the company reported an adjusted profit of $459-million, or 57 cents per share, in line with the analyst average compiled by Thomson Reuters.

The company said gold sales in the quarter were 571,500 ounces on production of 592,100 ounces. That compared with sales of 567,500 ounces on production of 588,600 ounces in the third quarter of 2010.

Goldcorp had an average realized gold price of $1,719 per ounce for the quarter, up from $1,239 a year ago.

Goldcorp has mines as well as exploration and development projects in Canada, the United States, Mexico and Guatemala and Argentina. The company employs more than 14,000 people.

Major rains and forest fires forced the gold miner to cut its 2011 production guidance earlier this year to between 2.5 million and 2.55 million ounces. That compared with previous guidance of between 2.65 million and 2.75 million ounces.

The company's Mexican Penasquito mine has seen lower processing rates, slower than expected progress on a dam and supplier production issues, while part of its Pueblo Viejo project in the Dominican Republic suffered significant damage due to major rainfall.

In July, Goldcorp temporarily stopped operations and evacuated most of the 380 employees from its Musselwhite gold mine in northwestern Ontario due to forest fires sweeping through the region.

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